Hotel President, formerly known as Park Tower Apartments, is an 84-unit historic apartment building located in the historic heart of downtown Waterloo, IA. Hotel President was originally designed as a luxury hotel in 1928 by H.L. Stevens & Company, a noted Chicago architectural firm that specialized in hotel design with many of its properties listed on the National Historic Register.
HW Development conducted a comprehensive rehabilitation project funded by 9% low-income tax credits allocated by the Iowa Finance Authority, federal Historic Tax Credits and State of Iowa Historic Tax Credits along with conventional financing. RBC is the tax credit syndicator and CRBT is the project’s permanent lender.
Development Highlights
Location: Waterloo, IA
Units: 84
Housing Type: Seniors
General Contractor - Koester Construction
Architect: Invision
LIHTC & HTC Equity: RBC
SHTC: Fallbrook Capital
Construction Loan: Stearns Bank
Permanent Loan: Cedar Rapids Bank & Trust
Low-Income Housing Tax Credit Agency: Iowa Finance Authority
State Historic Tax Credits: Iowa Department of Cultural Affairs